United Arab Emirates (UAE) is fully committed to the OPEC+ deal on oil production cuts during June to restore oil prices, according to UAE Energy Minister.
Oil price has been residing between the range of $27.50 - $20 since March 17. Oil price is still indecisive below $27.50 - can break higher?
Oil has been indecisive from the past several weeks because of the ongoing price war. Oil price declined sharply as OPEC agree to cut output - What is next?
Oil correction phase continues and may extend further. The price became corrective and volatile between $48.50 - $46.40 range area after a retracement
Oil Rejected Resistance at $54.35 and Pushed lower between the price area of $53.00-50. Regardless of Bullish pressure, certain correction may take place.
What will happen of OPEC will not cut oil production, as it has promised?John Kilduff from Again Capital sees disruptive consequences.
We expect a continuation of the dollar weakness today, as we also look at the daily Forex news. Gold broke out higher yesterday as the dollar weakened.
Market experts believe that in spite of OPEC deal Crude oil prices will not reach desired levels. Oil bloc members might have to prolong the oil cut deal.
The following presents Crude Oil Forecast after Russia output cut and the technical view of what could happen by the end of the first half of the year.
Saudi Arabia and Russia proposed to prolong the oil cut deal until the March of 2018. ADS Securities talk about OPEC deal extension crude oil price impact.